STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Hudson Valley Holding Corp. (“Hudson Valley” or the “Company”) (NYSE: HVB) relating to the proposed buyout of the Company by Sterling Bancorp (“Sterling”).
On November 5, 2014, Hudson Valley and Sterling announced the signing of a definitive merger agreement pursuant to which Sterling will acquire Hudson Valley in a transaction valued at approximately $539 million. Under the terms of the transaction, Hudson Valley shareholders are anticipated to receive 1.92 shares of Sterling Bancorp common stock in exchange for each share of Hudson Valley stock. The transaction is expected to close in the second quarter of 2015, though Hudson Valley shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether Hudson Valley’s Board of Directors failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.
If you currently own common stock of Hudson Valley and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.